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Titan Medical Inc. this week supplied a progress replace relating to its deliberate merger with Conavi Inc. They stated the mixed entity will proceed working to commercialize Conanvi’s Novasight Hybrid system for guiding minimally invasive coronary procedures.
Toronto-based Conavi Medical designs, makes, and sells imaging applied sciences for guiding cardiovascular procedures. Novasight Hybrid combines intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to allow simultaneous and co-registered imaging of coronary arteries. The system has FDA 510(okay) clearance from the U.S. Meals and Drug Administration (FDA).
Conavi and Titan stated they’re persevering with work on the all-stock transaction underneath a definitive amalgamation settlement first introduced final month. That features the preparation of submissions to record Titan shares on the TSX Enterprise Alternate. That itemizing would observe de-listing from the Toronto Inventory Alternate.
The businesses stated additionally they plan to finish Titan’s administration info round and associated paperwork. Titan plans to carry a particular assembly for shareholders to approve the transaction and associated issues.
As well as, Conavi stated it’s making ready concurrent financing of subscription receipts value a minimum of $15 million and as much as $20 million.
Titan Medical licenses IP, evaluates choices
Toronto-based Titan Medical had developed patented expertise for robot-assisted surgical procedure (RAS), together with by a single entry level. This merger comes after greater than a 12 months of uncertainty round the way forward for the firm.
In late 2022, Titan suspended a particular assembly of shareholders meant to vote on a share consolidation plan. Administration determined to start a strategic assessment, and introduced important cost-cutting measures.
Titan went on to halt improvement of its ENOS surgical robotic in February 2023. The corporate started promoting property and licensed a lot of its mental property (IP) to Intuitive Surgical to keep away from insolvency.
The corporate stated it’s centered on “evaluating new alternatives to additional develop and license its mental property whereas pursuing the completion of its agreed-upon merger with Conavi Medical.”
Editor’s be aware: This text was syndicated from The Robotic Report sibling website MassDevice. Be taught extra about robots for surgical procedure and different functions at subsequent week’s Robotics Summit & Expo and co-located DeviceTalks Boston.
The occasions will embody audio system from Medtronic, Asensus Surgical, Intuitive Surgical, and extra, in addition to the MassRobotics Healthcare Catalyst Showcase. Registration is now open for the Robotics Summit & Expo, which additionally options classes and displays with trade leaders, an Engineering Profession Honest, and networking alternatives.
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